US sees jobless claims fall, while personal income and spending start to grow again

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Peter Spence

This week's initial jobless claims came in at 346,000, above the 345,000 economists were expecting. That sees continuining jobless claims fall from 2.966m (revised from 2.951m) to 2.965m, despite expectations of continuing claims of 2.950m.

Personal spending started to grow again in May, rising from -0.3 per cent (revised from -0.2 per cent) to 0.5 per cent. Analysts had expected the rise, estimating growth of 0.3 per cent. Core personal consumption expenditures grew by 1.1 per cent in the year to May, from 1.1 per cent previous.

May also saw personal incomes rise, as they were up by 0.5 per cent, having grown by only 0.1 per cent (revised from flat) in the month previous. Estimates had suggested growth of 0.2 per cent.

Nice personal income numbers, especially when you add in the positive April revisions.